Publication Date: 2017-11-22
Practice Area: Civil Procedure | Corporate Governance
Industry: Energy
Court: Court of Chancery
Judge: Vice Chancellor Montgomery-Reeves
Attorneys: For plaintiff: Stuart M. Grant and Michael J. Barry, Grant & Eisenhofer, P.A., Wilmington, DE; Peter B. Andrews and Craig J. Springer, Andrews & Springer LLC, Wilmington, DE; Jeremy Friedman, Spencer Oster, and David Tejtel, Friedman Oster & Tejtel PLLC, New York, NY, attorneys for plaintiff
for defendant: Myron T. Steele, Arthur L. Dent, and Jaclyn C. Levy, Potter Andersoon & Corroon LLP; David T. Moran and Christopher R. Bankler, Jackson Walker LLP, Dallas, TX; Gregroy V. Varallo, Richards, Layton & Finger, P.A., Wilmington, DE; J. Wiley George, Andrews Kurth LLP, Houston, TX; David J. Teklits and Kevin M. Coen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Mark Oakes and Ryan Meltzer, Norton Rose Fulbright US LLP, Austin, TX; John Byron, Norton Rose Fulbright US LLP, Houston, TX, attorneys for defendants.
Case Number: D67944
Derivative complaint dismissed where board protected by exculpatory provision in bylaws, and plaintiff failed to make demand, and further failed to plead likelihood of liability for non-exculpated claims as to majority of board members to establish challenged transaction as invalid exercise of business judgment.